01 Aug Shadow Wood at the Brooks Real Estate News | August 2021

Posted at 08:01h in Ed Gongola, Real Estate News, Shadow Wood at the Brooks by Eric Sommerton

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As of August 1, 2021, there is ONE active listing in our area multiple listing service (MLS) in Shadow Wood. That is one more than last month. There is one, single-family home on the market for $749,900 with an average of 25 days on the market and total days on the market.

For comparison, last year on August 1, there were 43 listings in Bonita Bay.

A reminder, you have access to the most comprehensive website devoted to Shadow Wood, www.ShadowWoodRealty.com. I’ve included maps, floor plans, photos, and descriptions of each neighborhood within this desirable community.

Please contact me for all your real estate needs in Shadow Wood. With over 35 years of helping buyers and sellers in SWFL, my experience will be invaluable in this fast-moving, low-inventory market.

Your Shadow Wood REALTOR®,
Ed Gongola

Summary of Shadow Wood Home Sales

If you are considering selling your Shadow Wood home, here are some statistics that may help you decide to place your home on the market.

SHADOW WOOD CONDOs

Within the last 12 months, there were 44 sales; the average sales price was $396,196; and, these condos were on the market an average of 63 days; combined days on the market is 152.

During the 12 months previous, there were 27 sales; the average sales price was $344,832; and, these homes were on the market an average of 107 days; combined days on the market is 205.

SINGLE-FAMILY SHADOW WOOD HOMES

During the last 12 months, there were 81 sales; the average sales price was $1,042,883; and, these homes were on the market an average of 90 days; combined days on the market is 203.

During the 12 months previous, there were 46 sales; the average sales price was $839,282 and, these homes were on the market an average of 105 days; combined days on the market is 253.

For a list of SHADOW WOOD homes sold in the last 12 months, click here.

For a list of SHADOW WOOD homes that are pending at the moment, click here.

Meet Ed Gongola and discover how he can help you with his concierge-style of service when buying or selling your home.

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August 2021 Market Update

STRONG SUMMER MARKET CONTINUES

“New listings continue to come in daily, and the demand has stayed strong enough that new listings turn to sales very quickly,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “Is an adjustment coming to the market? There is no sign of that yet, but we could be just one crisis away from a slow down, so sellers waiting for the most opportune time are advised not to wait. Our year-to-date closed sales volume is $1,659,833,997, which is a 95 percent increase over this time last year. Our closed transactional sides are 73 percent higher than this time last year, and 16 percent of those sales have been high-end purchases. The high-end market ($1 million+) continues to be hot with no signs of letting down. Buyers working closely with our agents have the distinct advantage of learning about new listings before they’re exposed to the general market, so if you want to have a chance of securing the property of your choice, it’s best to work with a Downing-Frye agent who has up-to-the-minute access to our new offerings.”

BONITA / ESTERO: PENDING SALES UP

Strong pending sales continued in June 2021 versus June 2020. The largest gain in pending sales was in the luxury home segment for properties priced $2 million and above, which showed an increase of 192.5 percent for the rolling 12-month period. The Bonita Springs and Estero markets also saw closed sales increase by 53.3 percent for single family homes and condominiums combined. Realtor.com reported that Lee County, home to Bonita Springs and Estero, was the #1 viewed county in Florida with over 44 percent of its Florida searches. While demand continues, available inventory is still a challenge for buyers. Comparing June 2021 to June 2020: new listings are down 17.8 percent from 405 new listings to 333, the median closed sales price is up 27.1 percent from $325,000 to $413,000, available inventory is down 81.6 percent from 1,391 listings to 256, and the supply of inventory is down 88.5 percent from 5.2 months availability to only .6 months. In June 2021, the average time a property spent on the market was 25 days.

NAPLES AREA: BUYING FRENZY DIPS WITH INVENTORY

With less than a one month supply of inventory available, the Naples area housing market experienced a 14.5 percent decrease in overall pending sales in June to 1,256 pending sales from 1,469 pending sales in June 2020. Overall inventory decreased 78.8 percent to 1,271 homes in June from 6,003 homes in June 2020. The tight inventory isn’t squelching demand quite yet. Closed sales in June increased 67.8 percent to 1,505 closed sales from 897 closed sales in June 2020. The median closed price in June increased 30.3 percent to $465,000 from $357,000 in June 2020. However, for the 12-months ending June 2021, the median closed price for condominiums over $2 million actually decreased 9.4 percent. Sales of condominiums during June skyrocketed 98.7 percent to 767 closed sales of condominiums from 386 closed sales of condominiums in June 2020.

MARCO ISLAND AREA: PENDING SALES DOWN

The Marco Island Area Assoc. of Realtors® reported that June 2021 compared to June 2020 showed the following: Total inventory (231 properties) was down by 81.5 percent, closed sales (221 properties) were up by 51.4 percent and pending sales (128 properties) were down by 34 percent. The June median sales price was $600,000, which is 30.01 percent higher than June 2020.

FLORIDA: HOT MARKET IN JUNE, INVENTORY RISES

Home sales in Florida were still up significantly year-over-year, but the numbers are starting to even out a bit when compared with the pre-pandemic real estate market. Closed sales of single-family homes statewide in June totaled 34,165, up 23.6 percent year-over-year, while existing condo-townhouse sales totaled 16,155, up 79.6 percent. The statewide median sales price for single-family existing homes in June was $351,000, up 24.5 percent from the previous year, and for condo-townhouse units was $256,945, up 22.4 percent. All-cash purchases has been on the rise, according to Dr. Brad O’Connor, Florida Realtors Chief Economist. He said, “This year, higher-end sales have made up a greater share of closings than in previous years, and those types of sales are historically much more likely to be all-cash sales. About 56 percent of single-family sales over a million dollars in June were all cash.”

USA: EXISTING HOMES SALES UP

Existing-home sales rose 1.4 percent on a seasonally adjusted annual rate from May to June, with no region showing a sales decline. The inventory of unsold homes increased 3.3 percent to 1.25 million from May to June – equivalent to 2.6 months of the monthly sales pace. The median existing-home sales price rose at a year-over-year pace of 23.4 percent, the second highest level recorded since January 1999. Homes on the market typically sold in 17 days.

Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.

Sales of $1M-Plus Homes Soar

Some Americans did well during the pandemic, boosting demand for luxury housing – a segment that doesn’t face the same supply shortages as lower-priced homes.

WASHINGTON – Unlike past housing booms, the real estate market is seeing a surge in sales at the very top of the housing market. More expensive properties are selling nearly twice as fast as lower- and mid-priced homes.

“Wealthier Americans have benefited greatly during the pandemic thanks to the rising stock market, which typically helps grow net wealth,” says Lawrence Yun, chief economist at the National Association of Realtors®. “So there’s greater demand for luxury housing now, and that sector isn’t as hamstrung by inventory shortages as the rest of the market.”

Record-setting real estate transactions are occurring across the country. The number of home sales in the U.S. priced above $1 million surged 244.4% year over year in May, according to NAR.

The number of sales is outpacing sales in the $250,000 to $500,000 price range. Homes in that segment saw a 47.9% increase in May compared to a year earlier, NAR’s data shows.

“What we’re seeing now at the top of this market is a 100% escalation,” Aldo Martinez, a real estate broker in Las Vegas and president of Las Vegas Realtors, told The Washington Post.

Initially, the pandemic’s buying frenzy was mostly centered in suburban areas, but that has since spread across the market, including the priciest homes for sale. Like other price points, the luxury market is also reportedly seeing more bidding wars than it traditionally does.

In Maryland’s Chevy Chase Village in Montgomery County, the owners of a five-bedroom home for sale accepted $4.54 million for their home. That was $1 million above the home’s asking price after only a week on the market, The Washington Post reports.

“We’re actually beginning to see the kind of inventory shortage at the luxury end of this market that we would typically see at the middle and lower ends,” says Christie-Anne Weiss of TTR Sotheby’s International Realty in Washington, D.C.
Americans have been craving more space since the pandemic began, and they’re snatching up larger homes while many people continue to work from home. Low mortgage rates and stock market gains may have put more of these $1 million homes within reach.